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worriedchick

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Post by worriedchick » Thu Jul 31, 2014 8:17 am
Hi

I am 3 years into my IVA. During the first year i paid in over £12000 with commission. I have been working in a saes role but as they recruited more staff our earnings became less. 2 months ago I took a new job which promised high earnings but failed to deliver and the way I was being made to work was bordering on deception to customers so I have had to leave. My review is next week but I am now in a position where our outgoings for mortgage, secured loan and IVA take all of hubbies salary and nothing for bills, council tax and food. I wondered if anyone has heard of them allowing the payments already made (these amount to about 40p in the £ of original debt) would be accepted as full and final. This means we could sell the home and pay off secured loan as I'm struggling to now find a job with a good salary. Any advice would be appreciated.
 
 

Adam Davies

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Post by Adam Davies » Thu Jul 31, 2014 10:09 am
Hi

It is possible that creditors will accept payments to date as full settlement, they may however just allow a payment break whilst you find a new job

Chat your situation through with your IP

Good luck

Regards
Andam Davies
 
 

worriedchick

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Post by worriedchick » Thu Jul 31, 2014 10:38 am
Thank you Andy. I have spoken to my case administrator. At the beginning I owed £54,000. I have paid back £27,000 already through the IVA, mainly in commission uplifts. She is going to look at a variation to make the current amount full & final but it would depend on 75% of the creditors voting in favour and we had 28 creditors....mainly all small store cards etc so it would be difficult for them to agree. Unless I find a job which will pay £25,000 a year I would not have any disposable income, the IVA would then fail and I would have to apply for bankruptcy so they would receive nothing then.
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